American Overseas Group Ltd, the insurance holding company incorporated in Bermuda, has reported consolidated net income available to common shareholders of $2.5 million, or $53.13 per diluted share, for the three months ended March 31.

That compares with consolidated net income of $1.4 million, or $30.44 per diluted share, for the three months ended March 31, 2023.

Book value per weighted share at March 31 was $824.41, an increase from $798.21 at March 31, 2023.

In the quarter, net earned property and casualty premiums increased $5.3 million from $5.6 million a year ago to $10.9 million.

Quarter-to-date fee income increased $2.1 million from $3.8 million to $5.9 million and gross written premiums increased $86.5 million, moving from $133.9 million to $220.4 million.

The company said direct written premiums were positively impacted by continued expansion of new programmes, rate increases and organic growth in existing programmes.

Quarter-to-date loss and loss-adjustment expenses as a percentage of earned premium decreased from 64 per cent to 59.8 per cent.

For the three months ended March 31, operating expenses increased $400,000 from $2.8 million to $3.2 million.

As part of its ongoing capital management efforts, the company said it would continue to redirect excess capital within the group to debt reduction unless other compelling opportunities presented themselves.

AOG Ltd is an insurance holding company incorporated in Bermuda and a tax resident of Britain. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services.